“I see a banking world going from large financial institutions to
one that’s a little bit more decentralized,” he told Bloomberg’s
Haslinda Amin.

Pandit’s prediction is roughly in line with his former employer’s
estimates. A report by Citigroup in March of last year estimated
the same number — 30% — of job losses, but over a decade as
opposed to just five years. The firm is already staffing
up a new center to unleash robotics throughout the the bank.

Pandit helmed Citigroup for just under five years, beginning in
2007. Having led the bank through the financial crisis,
and resigned in 2012. He has since founded a private
equity firm called Orogen Group, where he today serves as CEO.

Many other former and current finance executives have voiced
similar concerns about jobs being made redundant thanks to
artificial intelligence. Last month, Axel Lehmann, COO of Swiss
bank UBS, said AI would "fundamentally change the banking
business."

“I don’t want to get blindsided. It’s less the technology, as
such, providing a transformative element in the banking
industry,” he said in
an interview with Business Insider. “It’s really
alternative business models that has the potential to shake up
everything and eat into our cake.